The March Manufacturing PMI from the Institute for Supply Management (ISM) grew 0.3 points to 52.7 signaling month-over-month growth in manufacturing for the third month in a row (a reading above 50.0 is consistent with expansion). This follows a period of over two years of monthly contractions interrupted by only one month of growth, however, there are still headwinds. According to ISM, “In March, 64 percent of comments overall were negative. Among the negative comments, about 20 percent cited tariffs and about 40 percent the war in the Middle East.” See the full report here.
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